There are two primary reasons for the for running the memory items. One is to shut the engine down if it is still running, in order to prevent further damage. The reason to prevent further damage is to avoid making the situation worse - eg. starting or making a fire worse as components fail. The second reason is to get the fuel, hydraulic & engine bleed valves closed, for basically the same reason.
If there is any doubt about the situation, it is generally better to be conservative & run the memory items for fire/severe damage/separation.